Bank of America Corp DE Sells 240,583 Shares of Sonos, Inc. (NASDAQ:SONO)

Bank of America Corp DE lessened its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 31.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 523,810 shares of the company's stock after selling 240,583 shares during the period. Bank of America Corp DE owned approximately 0.43% of Sonos worth $7,878,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SONO. SBI Securities Co. Ltd. acquired a new stake in shares of Sonos during the fourth quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Sonos during the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC increased its holdings in shares of Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after buying an additional 1,721 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Sonos during the fourth quarter worth approximately $84,000. Finally, KBC Group NV increased its holdings in shares of Sonos by 52.6% during the fourth quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after buying an additional 2,551 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SONO. Jefferies Financial Group lowered their price target on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th. Rosenblatt Securities reduced their price target on shares of Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 147,157 shares of the stock in a transaction on Thursday, April 3rd. The shares were purchased at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the acquisition, the insider now directly owns 12,055,582 shares in the company, valued at $110,549,686.94. The trade was a 1.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.80% of the stock is owned by company insiders.

Sonos Price Performance

NASDAQ:SONO traded up $0.05 on Thursday, hitting $10.52. 580,292 shares of the company's stock were exchanged, compared to its average volume of 1,967,980. The firm has a 50-day moving average price of $9.59 and a 200-day moving average price of $12.28. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $16.34. The company has a market cap of $1.26 billion, a P/E ratio of -18.45 and a beta of 2.06.

Sonos declared that its Board of Directors has authorized a share repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Sonos Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.